CandleFocus Analyst Reveals the Level to Be Crossed for Bitcoin Price to Change Trend to Upward
2024-10-06
Author: Content Editor
The cryptocurrency analyst Ali Martinez believes that the 200-day simple moving average (SMA) is a useful indicator for predicting the direction of Bitcoin's price. He suggests that if the BTC price is above this metric, it indicates a price expansion, while being below indicates a bear market. Currently, Bitcoin is trading below the $63,600 level, which has remained a concern for downward momentum in price. As for Ethereum, Martinez noted a decrease of 7% in the number of ETH whales holding over 10,000 ETH since July.
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